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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5422
Experience:  Dip Law LPAB - Sydney based lawyer
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How do I close a family trust, victoria, no, like what?

Customer Question

how do I close a family trust
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: victoria
JA: Have you talked to a lawyer yet?
Customer: no
JA: Anything else you think the lawyer should know?
Customer: like what?
Submitted: 1 year ago.
Category: Australia Law
Customer: replied 1 year ago.
Expert:  Patrick H. replied 1 year ago.

It depends on the terms of the trust.

A family trust will almost always have a trust deed which sets out the rules of the trust and how and when it can be wound up. The rules can vary widely so you need to get a copy of the trust and examine it. The trust deed would normally be held by the trustee or an appointer (a person who appoints the trustee) or their solicitors.

Usually only the trustee can wind up a trust voluntarily, though in some cases a beneficiary may be able to get an order from a court to make the trustee's wind up the trust.

In any event, the property under the trust will generally have to be distributed in accordance with the terms of the trust.

I hope this assists your understanding.

Good luck and please rate my answer.